It will be more important than ever that we quote our fees correctly up front after August 1, 2015. If the consumer does not get to choose the settlement service provider, our title and escrow charges will be subject to zero tolerance. This means you will need to ask some extra questions at the opening process of a transaction to make sure you can quote escrow, title and recording fees correctly. It will be important for you to ask questions such as:
- How many pages in your deed of trust?
- Will there be additional recordable documents such as a deed or subordination agreement?
- Is the property in a trust and if so, will it need to come out of the trust?
And you will also need to ask what standard endorsements are typically required for a transaction. More
information will follow before August 1, 2015.
In the October 2014 TheFourthC article “The Importance of Filed Rates” it states: If “If you are licensed to do business in multiple counties and/or states, you must be aware of the filed rates applicable to all of those areas.” You can find the article at this link:Download PDF Version